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An investment fund backed by Lord Rothschild has joined the World Gold Council to put £12.5m into BullionVault, the online gold investment platform.
Tim Levene of Augmentum Capital, a fund backed by Lord Rothschild's RIT Capital Partners, said the investment was not a bet on the gold price but on "the future growth of the BullionVault platform", which stores physical gold for private clients in London, New York and Zurich. RIT currently has 9pc of its assets in physical gold.
BullionVault has about $800m (£540m) of gold under management for 20,000 customers from more than 90 countries. The average holding is around £30,000.
This makes it the world's second-largest exchange-traded fund. If the fund was a central bank, it would be sixth largest in the league table of gold holders.